Shares of Mahanagar Gas rallied 12 per cent in early trade on Tuesday on the NSE after BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, exited the company.
BG Asia Pacific Holdings is part of the promoter group. GAIL (India) has 3.21 crore shares, or 30.77 per cent, stake in Mahanagar Gas. In 2016, Shell took over BG Group Plc, and subsequently acquired its assets worldwide.
According to block deal data on the NSE, BG Asia sold its entire 98.77 lakh shares, representing 10 per cent of the total paid-up equity capital of the company, at an average price of ₹780 a share for a consideration of ₹770 crore.
